If a partnership agreement does not specify how income and losses are to be distributed, they should be allocated based on relative Capital account balances.

Name: If a partnership agreement does not specify how income and losses are to be distributed, they should be allocated based on relative Capital account balances.
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If a partnership agreement does not specify how income and losses are to be distributed, they are typically allocated equally among the partners, not based on capital account balances.

If a Partnership Agreement Does Not Specify How Income and Losses